• Q2 was in line with our expectations. Revenue was up 12% YoY. In comparison, major digital ad platforms YouTube (NASDAQ: GOOGL) and Meta (NASDAQ: META) reported revenue growth of 4% YoY and 11% YoY, respectively.
    • Gross margins improved by 5.7 ppt. EBITDA and EPS improved YoY as well, but remain negative.
    • eMarketer estimates global digital ad spending will grow by 10.5% this year, up from 8.6% in 2022. We note that this company has historically outpaced global digital ad spending growth by 2.5x.
    • Healthy balance sheet, with negligeable debt.
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